Criticized sometimes for being too auto-centric and suburban, the South Loop’s Roosevelt Collection may finally get an infusion of urban design as plans for the project‘s long-discussed high-rise phase appear to be moving forward. A recent post on the online development-watching forum at skyscraperpage.com revealed a new rendering of such a building as well as information that prelimary bids for the project are expected to be forthcoming.
The existing mixed-use complex is currently home to over 300,000 square feet of retail space topped by 342 loft-style rental units plus a 16-screen cinema and utterly gargantuan 1,500-space parking garage. The aforementioned high-rise piece would occupy an empty notch set aside at the Roosevelt Collection’s northwestern corner.
Developer Centrum Properties broke ground on the Roosevelt Collection project in 2007—then a combination of retail and condos—and reportedly spent $350 million on construction. Struggling to find tenants, the development was sold to Dan McCaffery in 2011 for $160 million. After finally leasing up, the property changed hands once again in 2015 when it sold to Prudential Real Estate Investors for $225 million.
According to a 2015 Crain’s article covering the sale, Prudential’s acquisition also included accommodations for an apartment tower reaching as high as 43 stories. The newest rendering (above) shows a high-rise of roughly that stature and represents a much cleaner modern aesthetic compared to a somewhat cluttered design shown in older conceptual drawings (below).
The tower at RC isn’t the only development looking to add more residential density to the neighborhood. To the west, the 29-story rental tower at 1000 S. Clark opened in early 2016 while the upcoming 33-story Alta Roosevelt rental tower continues to climb skyward to the immediate north. With these and other projects like the multi-phase River Line development in the works, the timing and market conditions might at last be ideal for Roosevelt Collection to finally go vertical.